Eastern Province Cement secures $266mln loan from Banque Saudi Fransi

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The loan will be used for establishing a new production line in the company’s plant site with a daily production capacity of 10,000 tonnes

Staff Writer, Mubasher

March 21, 2024

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Riyadh – Eastern Province Cement Company obtained credit facilities at an amount of SAR 1 billion from Banque Saudi Fransi on 20 March 2024.

The loan will be used for establishing a new production line in the company’s plant site with a daily production capacity of 10,000 tonnes, according to a bourse disclosure.

Eastern Province Cement will replace some of the current production lines in addition to finance the company’s working capital.

The facility deal, which is secured by a promissory, holds a 10-year duration period.

In 2023, the Tadawul-listed firm posted 38.46% year-on-year (YoY) higher net profits at SAR 198 million, compared to SAR 143 million.

The Saudi lender registered net profits valued at SAR 4.22 billion, an annual rise of 18.12% from SAR 3.57 billion.

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